AUD/USD Trading Lower, Australian Economy Contracts

AUD/USD is trading at 0.7445, down 0.0027. The pair is trading in the middle of the session range. Australia's Bureau of Statistics (ABS) reported the Australian economy contracted 0.5 percent in the third quarter versus 0.6 percent growth in second quarter. Year over year Australia's GDP was 1.8 percent versus 3.3 percent in the second quarter. It was the first contraction since 2011.